Southend sees huge rise in house prices

Southend sees huge rise in house prices

SOUTHEND has been named in the top ten towns and cities where property prices have risen since the 2008 recession.

Airport expansion, the University of Essex campus, the c2c line and several major developments have all contributed to increases of more than 45 per cent, experts say.

In comparison, northern seaside town Blackpool has seen a 15 per cent slump.

Mike Gray, owner of estate agents Dedman Gray, said Southend has transformed from an old-fashioned seaside town into a place where people aspire to live and work.

He said: “One of the strong points of Southend is that since the recession of ten years ago, the town has seen carefully planned regeneration projects going on.

“Added to that, we have seen growth from the development of the university, the improved rail communication with the line to Fenchurch Street and the expansion of the airport.”

Mr Gray said the development of several modern hotels has also helped to improve Southend.

The new report, from HouseSimple.com, showed that between June 2007 and June this year, average house prices in Southend have risen to £271,784 0- an increase of about £85,000.

Southend reached the eighth spot in the country behind London, which tops the list, Cambridge and Oxford, which have all had percentage rises of between 50 and 70 per cent.

Mr Gray added: “These regeneration improvements have helped Southend grow from a struggling seaside town to a thriving town closely linked to London, becoming the choice now for many people wanting to live and work here.”

Alex Gosling, CEO of HouseSimple.com, said the south east of the country in general has seen a “positive rise”.

He said: “The last ten years has been a golden period for many UK homeowners who have sat back and watched the value of their homes rise to record levels.

“Unfortunately, there are pockets of the UK where property prices have been literally stuck in the past. Many of these homeowners will have been in negative equity for a decade.”

The north and the midlands have experienced a dip with towns such as Blackpool and Sunderland taking an almost 15 per cent dive over the past ten years.

The decrease means that the average house price in the towns are still below the average set in 2007.

Mr Gosling added: “It must be galling for anyone who bought a property ten years ago, at the top of the market, and are sitting in a home that is still worth less today than it was when they bought it pre-2008.

“Worse still, any hope they have of drawing a line under their misfortune, and moving on, is most likely on pause as selling up would mean losing money.

“Finding the funds for a house deposit is difficult enough without having to cover losses on a house sale as well.”

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